|
#10
11-23-2003, 10:52 PM
| |||
| |||
 Re: Volunteer work cj.green[at]worldnet.att.net (Christopher Green) wrote: - quote - > thesmiths[at]gbinetwork.com (Melissa) wrote:
as far as I'm aware.> > My husband is a self-employed carpenter and he often > > volunteers his time to help build meeting places for our > > religious organization. Can we use this as a tax write-off? > > He would normally be paid $30.00/hour for his time and he > > has been keeping a written record of when he volunteers. He > > usually volunteers for 4-6 days. > This oughta be a FAQ. The time he spends volunteering may > have value in the Kingdom of Heaven, but it has none to the > IRS. The value of one's own labor is never a deductible > charitable contribution. > Well, if he's on an accrual basis I suppose he could both accrue it and then write it off. But there wouldn't be any benefit to doing so Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#9
11-21-2003, 11:20 PM
| |||
| |||
| Re: Volunteer work thesmiths[at]gbinetwork.com (Melissa) wrote: - quote - > My husband is a self-employed carpenter and he often
This oughta be a FAQ. The time he spends volunteering may> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. have value in the Kingdom of Heaven, but it has none to the IRS. The value of one's own labor is never a deductible charitable contribution. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#8
11-20-2003, 05:33 PM
| |||
| |||
| Re: Volunteer work "Melissa" <thesmiths[at]gbinetwork.com> wrote: - quote - > My husband is a self-employed carpenter and he often
Only out-of-pocket expenses are deductible. As far as the> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. Internal Revenue Code is concerned (as written by our "geniuses" in Washington", a person's time is worth nothing. My guess for that valuation is that our Congressmen/women used the value of their time and rounded up. Gary << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#7
11-20-2003, 05:33 PM
| |||
| |||
| Re: Volunteer work Melissa wrote: - quote - > My husband is a self-employed carpenter and he often
What's to write off? The pay that he DOESN'T get? He> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. already has the benefit by not having the income.... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#6
11-20-2003, 05:33 PM
| |||
| |||
| Re: Volunteer work - quote - > My husband is a self-employed carpenter and he often
no, you cannot deduct the value of your time spent> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? volunteering as a charitable deduction. You can of course deduct any costs for materials and supplies, etc. as out of pocket costs as a charitable deduction... Dave "Hid in the reeds are eyes that peek, voices I don't understand. Flamingos fly endlessly, To the silent sky" << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#5
11-20-2003, 05:14 PM
| |||
| |||
| Re: Volunteer work thesmiths[at]gbinetwork.com (Melissa) writes: - quote - > My husband is a self-employed carpenter and he often
Yes, the out-of-pocket expenses he incurs, plus mileage and> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? parking, are deductible charitable expenses. The value of his time is not. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#4
11-20-2003, 05:13 PM
| |||
| |||
| Re: Volunteer work Melissa <thesmiths[at]gbinetwork.com> wrote: - quote - > My husband is a self-employed carpenter and he often
Keeping a written record is very important.> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. Assuming this religious organization qualifies as a church or equivalent, or has been determined by the iRS to meet the requirements of Internal Revenue Code Section 501(c)(3) then your husband;s out-of-pocket costs are deductible on Schedule A as cash contributions. These costs would include his mileage in connection with his volunteer work, the lumber and nails and other materials he purchases on the organizations behalf. However, for income tax purposes, he cannot deduct the value of his time and services performed. But he can and I hope does feel proud of the work he is doing, and I assume the organization feels the same way about his work. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#3
11-20-2003, 04:54 PM
| |||
| |||
| Re: Volunteer work "Melissa" <thesmiths[at]gbinetwork.com> wrote: - quote - > My husband is a self-employed carpenter and he often
A person may not deduct for the value of their time for a> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. charitable purpose. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#2
11-20-2003, 04:54 PM
| |||
| |||
| Re: Volunteer work "Melissa" <thesmiths[at]gbinetwork.com> wrote - quote - > My husband is a self-employed carpenter and he often
His time, no. Any materials or supplies expended for the> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? charity, and his charitable mileage, yes. - quote - > He would normally be paid $30.00/hour for his time and he
And you want a deduction on top of not reporting the income> has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. he didn't get? It doesn't work that way. There isn't any charitable deduction for your time. -- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
11-20-2003, 04:54 PM
| |||
| |||
| Re: Volunteer work thesmiths[at]gbinetwork.com (Melissa) wrote: - quote - > My husband is a self-employed carpenter and he often
Expenses and mileage yes; time no> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
11-20-2003, 04:35 PM
| |||
| |||
| Re: Volunteer work thesmiths[at]gbinetwork.com (Melissa) writes: - quote - > My husband is a self-employed carpenter and he often
Sorry, Melissa!!!=(: Time is NEVER deductible unless you> volunteers his time to help build meeting places for our > religious organization. Can we use this as a tax write-off? > He would normally be paid $30.00/hour for his time and he > has been keeping a written record of when he volunteers. He > usually volunteers for 4-6 days. are paid for it. The church could pay your husband $30.00 an hour and your husband could donate $30.00 back to the church - BUT contributions are personal so they wouldn't be deductible from the business tax return. In addition, whatever of the $30, which can't be offset by expense, it would be taxed at the rate of almost 15.3% + whatever income tax would be due on that income. In addition, if you could not itemized deductions, there would be no tax benefits for having made the contribution. You can see, now, that it wouldn't make much sense to have the church pay your husband based on the example. Materials, Supplies, and transportation might very well be deductible, even though you get nothing for the "time"!! "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!=  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
11-20-2003, 12:15 AM
| |||
| |||
| Volunteer work My husband is a self-employed carpenter and he often volunteers his time to help build meeting places for our religious organization. Can we use this as a tax write-off? He would normally be paid $30.00/hour for his time and he has been keeping a written record of when he volunteers. He usually volunteers for 4-6 days. Thank you, Melissa Smith << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| volunteer, work |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Will it work ? desgnr: Is there a way to run Money Plus on Linux | Microsoft Money | 1 | 09-11-2008 05:51 PM | |
| How Does It Work? Geo: What accounting system does Money use, and how does it work? I learned the basics of accounting about 20 years ago. A college kid taught me... | Microsoft Money | 5 | 01-09-2007 05:51 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
